The Ministry of Finance and National Economy said that in 2022, Bahrain’s economy grew by 4.9% in real terms, the fastest rate of expansion since 2013.
Non-oil real GDP grew by 6.2% in 2022, the highest rate since 2012, according to the report, which also noted that Bahrain is making steady progress in its economic diversification journey.
Non-oil GDP in Bahrain grew by a rate that year that was far higher than the 5% yearly target established by the country’s economic recovery plan.
With the goal of bolstering the Kingdom of Bahrain’s economic strength, long-term competitiveness, and recovery post-pandemic, Bahrain started its multi-year, five-pillar economic recovery plan in 2021.
Bahrain’s Minister of Finance and National Economy Shaikh Salman bin Khalifa Al Khalifa said, “The positive results posted today are the culmination of many years of hard work and careful planning by the Government of Bahrain to lay the foundations for a sustainable, diverse, and prosperous economy.”
The Economic Recovery Plan, which he says was unveiled in 2021 and is “an investment in our nation’s people, our enterprises, and the future of Bahrain,” is at the heart of these initiatives.
Around $30 billion in investment has been stimulated by the programme, and major labour market and regulatory reforms have been implemented to make doing business in Bahrain easier.
This is a statement of our intent to secure a balanced budget by 2024, provide long-term fiscal sustainability, and build an economy that benefits all citizens of the Kingdom,” Al Khalifa said.
The GDP of Bahrain is continuously in surplus
The primary surplus was 3.3% of GDP, the deficit fell to 1.1% of GDP, and debt fell to 100% of GDP, all according to Bahrain’s annual report.
Executive Director of the Bahrain Economic Development Board Khalid Humaidan told Arab News in October 2022 that the kingdom had received $921 million in FDI in the first nine months of 2022.
He continued by saying that the board has prioritised six industries: production, distribution, tourism, IT/telecommunications, banking, and energy.
We believe that if we concentrate on our top-tier initiatives, not only will our top-tier industries flourish, but we will also be able to make progress towards our other economic recovery plan objectives. We as a government have pledged to achieving fiscal balance by the end of 2024, and we intend to do it through the expansion of the country’s non-oil GDP,” added Humaidan.
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